The market is shifting. Yet it is very weird.
As inventory increases every so slightly, average sales prices continue to rise every so slightly. Normally, as inventory increases so do sales prices. Our inventory is still considered to be in the seller’s market so maybe that’s why we aren’t seeing that decline just yet.
We have been saying that this downtime will be different and so far it has been. For those waiting for home prices to fall, it seems you may miss out on your best chance if you wait much longer.
As always, we have broken down the July 2022 real estate market statistics for the top three parishes for you data enthusiasts. Enjoy!
July 2022 in Ascension Parish saw a median price of $299,500 for detached single-family homes. That’s up a bit from $295,000 in June. Out of the 150 homes closed in July 2022, they were on the market for a median of only THREE days and the list price to sales price ratio was 99.5%! There were 142 homes to go under contract, compared to 209 in July 2021 and 153 in June 2022.
There are currently 204 homes on the market, with a median list price of $378,945. This equals a 1.3-month supply of homes on the market in Ascension Parish. Buyers are seeing a little more inventory, loosening things up a bit for them.
East Baton Rouge Parish
July 2022 in East Baton Rouge Parish saw a median price of $299,500 for detached single-family homes. Out of the 431 homes closed in July 2022, they were only on the market for a median of FOUR days, and the list price to sales price ratio was up a bit to 98.7%. There were 357 homes to go under contract compared to 549 in July 2021 and 431 in June 2022.
There are currently 979 homes on the market, with a median list price of $350,000. This equals a 2.1 month supply of homes in the East Baton Rouge Parish market. EBR hasn’t seen this much inventory since December 2020!
In July 2022, Livingston Parish saw a median sales price rise a bit to $250,000 for detached single-family homes. Out of the 238 homes closed in July 2022, they were on the market for a median of only FOUR days, and the list price to sales price ratio was 99%! There were 149 homes to go under contract compared to 212 in July 2021 and 205 in June 2022.
There are currently 339 detached single-family homes on the market, with a median list price of $290,000. This equals a 1.6 month supply of homes in the Livingston Parish market.
Check out our graph to see the number of homes going under contract on a daily basis in the Greater Baton Rouge area.
Join us next month as we review the Greater Baton Rouge Real Estate Market for August 2022.
* All data gathered using ROAM MLS as of August 5, 2022